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China Modular Construction Market Overview
China Modular Construction Market Size was valued at USD 16.2 Billion in 2022. The China modular construction industry is projected to grow from USD 17.3 Billion in 2023 to USD 28.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.60% during the forecast period (2023 - 2032). Rising urbanization and industrialization in emerging nations are among the key market drivers propelling the growth of the modular building industry in China. A major effect on market expansion to meet growing customer demands is also expected to be seen from the population growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Modular Construction Market Trends
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Due to the establishment of the Special Economic Zone and the restructuring of bank lending policies has increased market growth
The market CAGR for modular construction has grown dramatically as a result of the creation of Special Economic Zones (SEZs) and revised bank lending practices. Special Economic Zones (SEZs) are places inside a nation that provide firms with unique economic advantages, like tax exemptions and lenient restrictions. These areas encourage foreign investment, accelerate economic expansion, and generate job possibilities. SEZs have helped China's prefabricated construction industry flourish by creating an atmosphere that encourages the expansion of prefabrication-based construction firms. Furthermore, in order to encourage the expansion of the prefabricated construction industry, the Chinese government has changed bank lending guidelines. Moreover, Prefabrication-based construction enterprises now have easier access to bank financing with more favorable terms and circumstances. Due to the ease with which businesses may now invest in the development of prefabrication technology, production facilities, and distribution networks, the modular construction market in China is expanding.
Furthermore, China is one of the world's worst polluters, hence the country has a growing need for sustainable green infrastructure to address a range of environmental issues. The network of natural and semi-natural places, such as parks, wetlands, woods, and green roofs, that serve society on an ecological, economic, and social level is referred to as "green infrastructure." These advantages include preservation of biodiversity, control of the temperature, management of water resources, purification of the air, leisure, and human welfare. Additionally, green infrastructure helps lessen the effects of climate change, including drought, flooding, and urban heat islands. The nation's requirement for modular prefabricated building is a result of the growing need for green infrastructure. Thus, driving the modular construction market revenue.
Modular Construction Market Segment Insights
Modular Construction Type Insights
The China Modular Construction market segmentation, based on type includes permanent (PMC) and relocatable. The permanent (PMC) segment dominated the market mostly because relocating a building allows us more flexibility. Affordable and easy to assemble are permanent modular homes. Additionally, there is a vast array of patterns and styles for these houses. Two-story apartments and duplexes are two common home designs based on their shape.
Modular Construction Material Insights
The China Modular Construction market segmentation, based on material, includes concrete, steel and wood. The concrete category generated the most income due to the fact that concrete modular construction is far more affordable and requires less time to complete. In addition, steel modular construction provides faster on-site assembly—roughly eight units per day—and increased stability for larger structures.
Figure 1: China Modular Construction Market, by Material, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Modular Construction Application Insights
The China Modular Construction market segmentation, based on application, includes commercial, healthcare, educational & institution, hostility, and others (residential, religious buildings). The commercial category generated the most income because sophisticated business owners are driving the market expansion with their high demand for quick construction. In addition, the growth tendencies of the commercial category are being followed by the healthcare and education sectors. because of the growing need in China for the construction of large buildings for hospitals and educational institutions.
Modular Construction Country Insights
China's economy has been expanding quickly over the last few decades, and the Chinese government has made significant investments in the building and construction industry. Labor and operating costs in China are rising in tandem with the country's expanding construction industry. For the past 20 years, prefabricated construction has become more and more popular in China as a solution to the issues of high labor costs and longer construction times. In addition, China's government consistently finances the building sector in an effort to boost the national economy. For instance, the Chinese government decided in August 2022 to invest over $1 trillion (6.8 trillion yuan) in the nation's building and construction sector. Over the course of the forecast period, this investment is anticipated to generate profitable growth prospects in the Chinese modular and prefabricated construction market.
Modular Construction Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the modular construction market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, modular construction industry must offer cost-effective items.
Key Companies in the modular construction market include
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Ark Prefab Co., Ltd.
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Atlantic Modular System
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CIMC Modular Building Systems
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Hangxiao Steel Structure
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Kong Sing Building Co., Ltd.
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Ningbo Deepblue Smart House Co., Ltd.
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Shanghai Haisheng Special Metal Box Co., Ltd.
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Zhejiang Putian Integrated Housing Co., Ltd
Modular Construction Market Segmentation
Modular Construction Type Outlook
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Permanent (PMC)
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Relocatable
Modular Construction Material Outlook
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Concrete
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Steel
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Wood
Modular Construction Application Outlook
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Commercial
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Healthcare
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Educational & institution
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Hostility
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Others (Residential, Religious Buildings)
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